AUDJPY recently reversed down from the key resistance level 76.700 (top of the previous short-term impulse wave (A) from the start of June). The downward reversal from the resistance level 76.700 stopped the preceding short-term ABC correction (b). Given the bearish sentiment affecting Australian dollar today – along with the overbought daily Stochastic indicator – AUDJPY is likely to extend the losses toward the next support level 75.250 (former top of the earlier wave (a)).